financial services

10月 042017

This discussion of the Regulatory Technical Standards (RTS) is the third post in a series explaining the Revised Payment Service Directive (PSD2) and how it will affect banks. For background, read my two previous posts, PSD2: Understanding the new payments regulation in Europe and PSD2: How new European payment regulations [...]

An overview of the PSD2 Regulatory Technical Standard was published on SAS Voices by Sundeep Tengur

12月 122016

Being an industry disruptor is a lonely place to be – but if you’re successful, the rewards are well worth the initial risk. Betting big on your new way of doing things takes courage, and is only the first step in a risky process. Your next critical step is to […]

4 Basics disruptive innovators must get right was published on SAS Voices.

9月 072016

In many ways financial services is about risk management. Regulatory pressures such as BCBS 239, stress-testing, IFRS9, Solvency II and the Fundamental Review of Trading Book have hugely strengthened that focus. But there are other concerns too. Cost pressures are increasingly important, as is the rise of challengers to the […]

Disrupting risk management: how financial models are changing was published on SAS Voices.

12月 032015

I have a short attention span. So, imagine my delight when a colleague of mine introduced me to theSkimm. If you are not familiar, theSkimm takes the top news stories of the day and summarizes them quickly, in ways that are easy to understand – and often linked to pop […]

Learning from theSkimm to simplify bank stress testing was published on SAS Voices.

8月 132015

How often do you give much thought to your card swipe? It’s become so commonplace that I doubt you think of it at all – and that’s how it's supposed to be. Fast, easy and a complete non-event so you can be on your way in no time at all - often just a second before you’re prompted for your signature, or directly given your receipt.

The Visa logo is on many debit and credit cards.

Look at what I found in my wallet!

What’s amazing is to find out what happens in that second between the swipe and the receipt – funds are verified, the transaction is analyzed for fraud risk, an approval is rendered and recorded and a transaction fee is applied. And the whole transaction is a simultaneous customer experience for you, the merchant, the financial institution and the payment processor, such as Visa.

Visa has been a pioneer in cashless payment processing for over 50 years and has grown to become one of the world’s most recognized brands. And one of the drivers of their recognition has been their ability to provide a consistent and secure transaction millions of times throughout the world around the clock. One of the most important priorities has been to operate on that real-time basis and maintain the integrity of the transaction - every time.

At any given time and in any given transaction, Visa analyzes up to 500 unique variables in real time to assess the risk of that transaction. With analytics and by using vast data sets, including global fraud hotspots and transactional patterns, the company can more accurately assess whether your transaction is legitimate or if someone stole your credit card. And that’s all done in real-time! Visa estimates that analytics has the potential to prevent an incremental $2 Billion of fraudulent payment volume annually.

For more details on this fascinating story, tune in to the short video below featuring Visa executive Nathan Falkenborg describing the impact that analytics has on the card-swiping customers’ experience.

tags: analytics, banking, financial services, retail

Your card swipe is a real-time customer experience was published on Customer Analytics.

5月 302012

We just completed our largest annual event for Financial Services, the SAS Financial Services Executive Summit, where the theme was using analytics to drive innovation and create change. Even in the earliest stages of planning, it was clear that the customer would loom large in our content because that’s what’s happening across the entire financial services sector. The specific themes that kept emerging were how financial services companies are using analytics to manage customer information, deliver the right message in real-time, and create brand loyalty.

So it was no accident that we had several sessions on using customer intelligence and managing large amounts of customer data. The morning executive panel, moderated by SAS Customer Intelligence Executive, Lori Bieda, focused on understanding today’s customer through a customer analytics strategy. We also had an interactive “Power Session” where participants worked together in teams to discuss how they can better anticipate shifting market segments to meet customer needs. Our late afternoon panel entitled Big Data for the Next Big Idea was moderated by Jim Davis, SVP and Chief Marketing Officer of SAS, and it was a huge hit. As previously referenced by my colleague, John Balla in his post, the “big data” that companies like Bank of America, USAA and the UN are dealing with come from customer data, whether it is social media, call center data or financial transaction information. And last but not least, our ‘chief conversation catalyst,’ Billy Beane, had a strong message about change and innovation to stay ahead of the competition. This is a very good message for organizations looking to find new revenue streams and operational efficiencies to stay competitive.

With so much great customer analytics content from the event, here are my top take-aways:

  1. Social Media is changing the customer relationship. These days, it is the customer who is in charge.
  2. The good news about the effect of all of the data being created daily is that good technology can mine it to find the actionable insights within.
  3. It is not always about finding new customers; it’s also about deepening relationships with existing customers. This can be accomplished through a better understanding of these customers.
  4. The current generation has gotten used to getting everything they want when they want it. To survive, we have to adjust to that.
  5. Leveraging analytics extensively helps define the 360-degree customer view, but to stay ahead of the competition, we must be able to update profiles in real-time as we have conversations with customers.

Based on our attendees, it’s clear the focus in financial services is on the customer. There is plenty of cause for optimism in the future because of the huge potential that can be unlocked when combining  innovation, insight and analytics. What do you think?

tags: banking, big data, customer analytics, financial services, Financial Services Executive Summit, insurance
5月 162012
Credit lending is a fast-paced business that relies on large amounts of customer and transaction data. Premier Bankcard’s primary purpose has been to provide even customers with damaged credit histories an avenue to obtain credit and demonstrate positive financial patterns. To stay competitive, the company uses analytics to predict and [...]
4月 052012
Lots of buzz around SAS High-Performance Analytics in the news lately!  In case you missed it, here are a couple of great reads: In the latest issue of BAI Banking Strategies, SAS CTO Keith Collins talks about leveraging data with high-performance analytics.  He explains that financial institutions need to deploy [...]